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HLT Analysis & Videos »
HLT: Bull or Bear?
Hilton Two Track Governance
HLT
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Hilton Hotels (NYSE:HLT) is in the process of being absorbed by Blackstone (NYSE:BX) The transaction is scheduled to close sometime in the fourth quarter of 2007. The deal is not subject to financing. The legal machine is probably chugging away to close the deal. Lots of paper work of course. Hilton has recommended of course.
Hilton has decided to cancel their upcoming conference call. The assumption must be why bother with a done deal. The last conference call had technical glitches which were not Hilton's fault but were very annoying.
The governance issue is this: Until the ...
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Hilton Break Fees
HLT
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Hilton Hotels Corp. (NYSE:HLT) announced that it would pay Blackstone (NYSE:BX) $560 million if it receives a better offer and terminates a takeover agreement with the private equity company. Blackstone, who is buying Hilton for about $20 billion plus debt, would pay Hilton $660 million if it backs out of the deal.
Break-up fees are supposedly customary in takeovers and are written into the deal to ensure the two sides develop tunnel vision and remember to close the transaction. In this case Blackstone has offered to pay $20 Billion plus assume huge amounts of debt to acquire Hilton....
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Flight-to-Safety Bid Leaves Treasuries, Pushes Yields Higher
HLT
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As I suspected, there wasn't a hint of terrorist activity over the July 4th holiday. So the bid that had been in the Treasury market is waning, and that is helping push bond yields higher. The 10-year is currently near 5.10%.
Oil is also trading higher, pushing above $72. On the plus side, earnings for the energy complex should be strong again. On the negative side, the combination of higher oil and higher bond yields will likely take some of the wind out of the sail of the stock market.
There was more M&A activity, with Blackstone (BX) making a $26 billion bid...
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About Hilton Hotels Corp.
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